Profit-making idea: Financing who the banks won’t

Profit-making idea is a series of short posts, each with a piece of information that we think you might find useful: for investment, for growing your company or to start a new business. Read the previous posts here.

In a recent interview, How We Made It In Africa asked Constantine Nyanzero, CEO of B2C Coworking, to name a business opportunity he would still like to pursue. B2C Coworking is a Zimbabwean business accelerator, incubator and co-working space.

Here was Nyanzero’s response:

“One of the biggest opportunities on the continent is developing insurance products for Africa’s young people, especially tapping into the microfinance provision of these services. Microfinance is giving disadvantaged, creative people access to small loans and financial services, so that they can obtain a steady income and a secure future. The last-mile delivery service for access to finance is the biggest opportunity. Most financial institutions deny poor people access to loans, due to a lack of equity. Microfinance challenges this perception. Through microfinance, the poor are given the opportunity to develop and create their own jobs, so that they can provide a living for themselves.”